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TORONTO, Aug. 28, 2020 (GLOBE NEWSWIRE) -- QuestCap Inc. (“QuestCap”) (CSE:QSC; FRA:34C1) is pleased to announce the sale by MTJR, Inc. of 750,000 PCL Rapid Gold COVID-19 IgG/IgM Antibody tests to Breeze Laboratories in Colombia. QuestCap has a 40% profit sharing agreement with MTJR.
“As a company focused on COVID-19 testing, we feel it is important to support testing efforts in countries that are still trying to flatten the curve. With Colombia ranked as number three in fatalities worldwide by the World Health Organization, it is clear we can make a difference. Our efforts and that of our partners, MTJR will both help the people of Colombia, while also benefiting QuestCap shareholders,” commented Doug Sommerville, QuestCap CEO.
MTJR has completed the sale of 750,000 PCL Rapid Gold COVID-19 IgG/IgM Antibody tests to Breeze Laboratories, a medical manufacturing company with well-developed distribution channels, for US$4.00 per test. The proceeds from the sale will be returned to QuestCap and used to repay its outstanding US$7.7 million loan commitment.
Breeze Laboratories has the necessary regulatory approvals and licenses from the Colombian authorities to import and distribute the PCL COVID-19 IgG/IgM Antibody tests and they have now arrived in Columbia. Breeze’s intention is to market the kits through institutional and retail sales channels.
With a population of 49 million inhabitants, Colombia has a significant demand for COVID-19 test kits. According to the World Health Organization, as of August 26, 2020 there were 562,128 cases of COVID-19 infection reported in Colombia, along with 17,889 deaths and 395,470 people had recovered, demonstrating a clear need for increased testing in the country.
“These tests will help to greatly expand the scale of testing in Colombia. These COVID-19 rapid antibody tests will enable a better understanding of the scope of the virus and the exposure and antibody development in the Colombian population says Mr. Doug Sommerville, CEO of QuestCap. “We as a company are focused on convenient, rapid, and easy to access testing that are not intrusive or intimidating – and Breeze Laboratories is aligned with that strategy,” says Mr. Sommerville.
These tests take 8-10 minutes to administer and provides results within minutes after testing, indicating the presence of antibodies in people either currently infected by the virus, or in people who may have been previously ill or exposed. An important step in determining safe returns to normal life.
QuestCap is not making any express or implied claims that its product or the tests have the ability to eliminate, cure or contain COVID-19 (or SARS-2 Coronavirus) at this time.
About Breeze Laboratory
Breeze Laboratory is a cosmetic and dermo-cosmetic development and manufacturing company based in Bogota, Colombia. The company currently manufactures INVIMA (Colombian FDA-equivalent) approved products. The company has recently focused efforts on COVID-19 prevention with the manufacturing and sales of its KEEP CLEAN coronavirus prevention kits across Colombia through e-commerce and traditional channels, and on Rappi, South America’s largest on-demand consumer delivery service.
About QuestCap Inc.
QuestCap Inc. (CSE:QSC; FRA:34C1) is a social-impact investment company. Through QuestCap’s three divisions, MedQuest, TechQuest and ClimateQuest, it seeks, secures and funds recognised sciences, technologies, and solutions that impact our global community today.
The QuestCap executive team is complemented by a panel of global advisors that provide expertise across industries and geographies. This panel includes prominent Stanford University immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.
QuestCap provides financing for a diverse range of entities in exchange for pre-determined royalties or distributions, or acquires all or part of one or more businesses, portfolios or other assets.
For additional information, please contact:
Doug Sommerville, CEO
Doug.Sommerville@questcapinc.com
For investing enquires please contact:
Evan Veryard
evan.veryard@questcapinc.com
For media enquires please contact:
Veronica Welch
veronica@vewprmedia.com
+1-508-643-8000
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the sale of PCL antibody test kits; the ability to increase testing capacity in Colombia; the pursuit by QuestCap of investment opportunities; and the merits or potential returns of any such investments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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